When a director or officer of a company realises it is in financial difficulty they should act immediately. There may be options available to the company at the early stages of its financial crisis.
If a company is insolvent i.e. unable to pay its debts as and when they fall due and/or has more liabilities than assets, the director should seek advice from because if they continue to trade the company the director could become personally liable for its losses and could also be disqualified from acting as a director of any other company.
Emerald understands that there is an immense degree of pressure on directors when deciding what is best for their company. This is particularly true when making the decision to continue or cease trading.
Whatever the reasons for closing your business, to make the process as easy as possible, we will help you put together a plan of action which will include appointing a Licensed Insolvency Practitioner at no extra cost.
If you find that disputes arise with creditors or debtors, using an outside party like Emerald can bring an objective viewpoint and help you to reach an amicable settlement.